World Ferrous Scrap Trade Recorded Diverse Trend

SEATTLE (Scrap Monster): The scrap trade witnessed mixed trends during the month of July this year.

The trade data published by the Turkish Statistical Institute (TUIK) suggests significant surge in scrap imports by the country in July ’19. The imports by the country totalled around 1.83 million tons, higher by 43% when compared with the prior month.

The U.S was the primary supplier of scrap to Turkey during the month. The imports from that country totalled 337,000 tons. The quantity of imports from the U.S. nearly doubled over the previous year. The other major scrap sources were Russia (227,000 tons) and Belgium (207,000 tons).

The cumulative imports during the initial seven-month period of the year totalled around 9 million tons, TUIK data said.

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According to Japanese Ministry of Finance (MoF), the country’s scrap exports hit seven-month highs in July this year. The monthly exports at around 680,000 tons were up by almost 12% from the previous year. South Korea received the largest quantity of scrap from Japan, totalling around 280,000 tons. The other major destinations were Vietnam (210,000 tons) and Taiwan (110,000 tons).

The South Korean scrap exports nosedived by over 60% year-on-year to total 18,000 tons in July this year. In the first seven months of 2019, the country exported around 160,000 tons of scrap. The primary scrap export destination was India, which received a total of nearly 63,000 tons of scrap from South Korea.